Indian Contract Act 1872 #indiancontractact #indiancontractact1872 The Indian Contract Act was enacted in 1872 and came into force on 1st September 1872. The word ‘contract’ has been derived from the Latin word ‘contructus’ which means ‘to work on contract’. The law of contract is based on the principle of ‘pacta sunt servanda’ which means ‘agreements must be kept’. Contract Act The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land. In section 2 (e), the Act defines the term agreement as “every promise and every set of promises, forming the consideration for each other”. To sum up, we can represent the above information below: Agreement = Offer + Acceptance Contract = Accepted Proposal (Agreement) + Enforceable by law (defined within the law) #lawnotes #legalnotes #act #law #indiancontractact #contractlaw #lawofcontract #judiarynotes #judiciary #clat #lawyer #lawschool #lawstudent #legal #advocate #lawyerlife #lawyers #studylaw #lawstudymaterial #agreement #contract #promise #ca #cs #llbnotes # https://www.instagram.com/p/CQTm5isJ4xX/?igshid=NGJjMDIxMWI=

Indian Contract Act 1872 #indiancontractact #indiancontractact1872 The Indian Contract Act was enacted in 1872 and came into force on 1st September 1872. The word ‘contract’ has been derived from the Latin word ‘contructus’ which means ‘to work on contract’. The law of contract is based on the principle of ‘pacta sunt servanda’ which means ‘agreements must be kept’. Contract Act The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land. In section 2 (e), the Act defines the term agreement as “every promise and every set of promises, forming the consideration for each other”. To sum up, we can represent the above information below: Agreement = Offer + Acceptance Contract = Accepted Proposal (Agreement) + Enforceable by law (defined within the law) #lawnotes #legalnotes #act #law #indiancontractact #contractlaw #lawofcontract #judiarynotes #judiciary #law #clat #lawyer #lawschool #lawstudent #legal #advocate #lawyerlife #lawyers #supremecourt #studylaw #lawstudymaterial https://www.instagram.com/p/CQTm5isJ4xX/?igshid=NGJjMDIxMWI=

Do you own agency or work for one? If yes, then check out this blog to keep yourself educated about the Agency Law as per the Indian Contract Act.